SEOUL (Reuters) - A consortium led by Canada's Ontario Teachers Pension Plan beat out Affinity Equity Partners as the preferred bidder for a stake worth $398 million in South Korea's unlisted Kyobo Life Insurance KYOBO.UL, local media reported on Thursday.

Ontario Teachers Pension Plan teamed up with Corsair Capital to bid for The 9.9 percent stake held by state-run Korea Asset Management Corp (KAMCO), a source with direct knowledge of the matter previously told Reuters.

The bid price was 230,000 Korean won ($190) per share, with the total stake to be sold at 470 billion Korean won ($398.26 million), the Chosun Ilbo reported.

The preferred bidder is expected to be finalized on Friday by a regulatory committee overseeing the recovery of bailout funds.